IRBA NEWSLETTER ISSUE 47

Issue 47 | July - September 2019 6 STANDARDS cont. • Expanding/enhancing the sections dealing with legislation, guidance and key stakeholders/role players in the public sector; • A new section on the role and powers of the Auditor-General; • Changes to the financial reporting frameworks applicable to the public sector; • Enhanced referencing to the International Standards of Supreme Audit Institutions; and • Amendments arising from the revision of the PAA. Effective Date This Revised Guide, which is effective from 2 September 2019, is available in PDF format and may be downloaded from the IRBA website . INTERNATIONAL AUDIT AND ASSURANCE STANDARDS BOARD (IAASB) IAASB Projects in Progress • Auditor risk assessments (ISA 315 (Revised)); • Audit evidence; • Technology; • Quality management at firm level (ISQM 1); • Engagement quality review (ISQM 2); • Quality management at engagement level (ISA 220); • Group audits (ISA 600); • Agreed-upon procedures engagements (ISRS 4400); • Extended external reporting (EER) assurance; • Audits of less complex entities (LCE); and • Professional scepticism. More information on these projects is available on the IAASB website . COMPLIANCE WITH THE COMPANIES ACT – CIPC LAUNCHES A CHECKLIST The Companies and Intellectual Property Commission, in its Notice 52 of 2019, has announced the launch of an online checklist that is targeted specifically at Section 11(3) entities in terms of the Companies Act, i.e. Incorporated; (Pty) Ltd; Ltd; SOC Ltd and NPCs. As from 1 September 2019, the checklist has been rolled out on a voluntary basis for a period of four months. After this period it will become mandatory for the category of companies mentioned above to complete from 1 January 2020, prior to submitting their annual returns. The checklist is designed to improve compliance with specific mandatory provisions of the Companies Act.